October was the second best month of the year for the private mortgage insurers in terms of applications received, but the third worst in terms of the cure/default ratio, according to the Mortgage Insurance Cos. of America.
There were 29,508 applications received in October, up from 27,939 in September but down from 38,705 in October 2010. But between last October and this one, United Guaranty and PMI are no longer members of the group and not counted in the data; PMI along with Republic Mortgage Insurance Co. are both in run-off, but RMIC, while not writing new business, remains a MICA member. The high this year was in August, at 30,702, when both PMI and RMIC wrote new business for all or part of the month.
There was $5.15 billion of primary new insurance written in October, the third best month of the year (the best was January, when UG was included in the MICA data), up from $4.9 billion in September.
On the cure/default side, October's 79.6% ratio is only better than January's 78.6% and July's 73.6%. In October 2010, the ratio was 88.3%. There were 29,871 cures and 37,574 new notices of default received during the month.
